If you haven't heard of incentive marketing before, you have certainly heard of the TV and magazine business magazines. These publications and shows spend a lot of money each month sending out incentive coupons and promotions to their readers and customers. Incentive marketing has been around ever since mass-circulation printing first began, and newspapers have been famous for their incentive programs for readers over the years. Nowadays, magazines have followed the trend and turned to incentive marketing companies to get their readers to come back and patronize their publications.
What is incentivized marketing? This concept simply involves creating a way to increase the profitability of a marketer's endeavors by using incentives to encourage sales and promote new products. An example of this might be offering a discount to people who bring in new subscriptions or shoppers to a single store for a set period of time. This type of incentive program can be extremely beneficial to a marketer, especially if used properly.
It might seem a little too easy to follow the plan. After all, what type of fancy print need to be delivered? Well, not so fast! Before you do anything, make sure you know exactly what you want to accomplish through your incentivized marketing campaign. Otherwise, you may end up setting up shop at a grocery store with a bunch of giveaways, but nobody is going to walk through the door to buy anything.
The concept behind an incentive-based marketing campaign is that you offer something of value to potential customers in order to encourage them to come and visit your store. This could be anything from a special sale price to free shipping. Any item that would increase sales and help market your incentive marketing company should be considered as an incentive. Incentives are usually given to people who bring in new customers or visitors to the store. Other types of incentivized promotions might also be a good idea for helping a brand to increase sales and build loyalty.
One way to determine if you are using incentive marketing correctly is by figuring out your marketing mix. Basically, your marketing mix is the overall approach that you will take to attracting new customers. If you have no plan to change how you are marketing to current customers, then you are probably doing everything right. However, if you are offering great incentives for bringing in new customers, you are already on the right track. To figure out your marketing mix, consider how your business is currently positioned such as "are you targeting the right audience with your advertising?".
Incentive programs are very effective when it comes to enticing customers to come and purchase your products. However, you will have to take care to make sure that you are offering something of value. Many times, stores will offer items such as free samples or free products, as long as they get customers in the store. Other times, they might throw a combination of coupons and rebates into the mix. Either way, incentives should be enticing enough to get customers in the store.
Once you have determined that your incentives are working to get customers into the store, you will need to get them in the store to start with. This is where many stores make their biggest mistakes. They put up a great incentive marketing offer, but fail to get customers to actually come inside. Instead, they just see people driving by and hope that they will eventually come inside to buy whatever it is that you are selling.
It is important to remember that incentives are not something that should be offered simply because you can get people to do something. For one thing, most people will not act in response to incentives that they receive, and they also may not react as a result of the incentives that you are offering. Therefore, before offering an incentive to any potential customer, you should carefully think about whether or not the customers will benefit from taking the offer. This is especially important if the incentive is for something that a person needs. An incentive for example, like free coupons, could end up being totally useless, simply because it will not be used by anyone, and therefore, will not help you get more sales for your business.